CSI Compressco LP Announces First Quarter 2021 Results
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THE WOODLANDS, Texas, April 30, 2021 /PRNewswire/ CSI Compressco LP ( CSI Compressco, CCLP or the Partnership ) (NASDAQ: CCLP) today announced first quarter 2021 results.
First Quarter 2021 Summary:
Total revenues for the first quarter 2021 were $65.7 million, compared to $71.1 million in the fourth quarter 2020.
Compression and related services revenue increased sequentially to $54.2 million in the first quarter 2021 compared to $52.6 million in the fourth quarter 2020.
Net loss was $14.5 million, including $0.4 million in non-recurring charges compared to a net loss of $23.0 million in the fourth quarter 2020 which included $7.6 million in non-recurring charges.
Financial and Business Highlights
Cogent approved an increase of $0.025 per share to its regular quarterly dividend for a total of $0.780 per share for Q2 2021 as compared to $0.755 per share for Q1 2021 – Cogent s thirty-fifth consecutive quarterly dividend increase.
The Q2 2021 $0.780 dividend per share represents an annual increase of 14.7% from the dividend per share of $0.680 for Q2 2020.
Service revenue increased by 2.0% from Q4 2020 to Q1 2021 and increased from Q1 2020 to Q1 2021 by 4.2%.
GAAP gross profit increased by 3.4% from Q1 2020 to $67.7 million for Q1 2021. Non-GAAP gross profit increased by 7.6% from Q1 2020 to $91.8 million for Q1 2021.
GAAP gross margin decreased by 40 basis points from Q1 2020 to Q1 2021 to 46.1%. Non-GAAP gross margin increased by 200 basis points from Q1 2020 to Q1 2021 to 62.5%.
Cogent Communications Reports First Quarter Results and Increases its Regular Quarterly Dividend on its Common Stock by $0 025 prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
by Tyler Durden
Thursday, Apr 15, 2021 - 08:10 PM
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